As iTunes hits the one billion song mark and music retail's future is celebrated comes news of Tower Records' move to find a buyer. Ed Christman's article at Billboard.biz reveals that the chain -- a rare powerhouse national retailer that specializes in selling music -- has hired an investment banking firm to find a suitor for the 90-unit chain of stores.

"Houlihan Lokey, based in Los Angeles, has been working for the chain in an advisory role since at least last fall. Initially, its task was to work with Tower senior management on a value-creation enterprise, aimed at boosting the chain’s worth. But some time in the last two months, Tower’s directors approved the hiring of an investment bank to shop the company, and Houlihan Lokey won that assignment."

Christman compares Tower's peak years with its current sales. Before it filed bankruptcy, the chain's annaul sales were nearly $1 billion. Now sales are around $450 million to $500 million.

In May of 2002, Tower sold its Japenese operations -- 51 stores -- for $122 million.